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Just complaining

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Wino
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Cash: $ 113.80

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Joined: 03 Aug 2012
Location: Dubai
Just complaining  Reply with quote  

Every reader who peruses this site regularly knows that I'm looking for investment houses from afar. Well, also, my darling wife ("DW" henceforth) would like to get a place with a swimming pool.

I don't want to pay to put a pool in our present house. It just isn't worth the investment, as you'll never get what you paid in added price when you sell it; therefore, I've been looking for a property with a pool, so that DW can move to the new place, and we can rent the present place. Sort of a "reverse investment property." Basically, both of our goals can thereby be met.

I finally found a house that meets the major must-have points: single level so we don't have stairs when we're in our 80's, swimming pool so DW can cool off during the hot Texas summers, good neighborhood with decent future potential, priced below market value, and not in a flood zone. Not a comprehensive list, but enough that if a house meets all of these criteria, it's a decent buy and fits our needs.

Well, I finally found such a house. It is listed at 70% of our "our house" price point. As it's been on the market at least 120 days, we should be able to get it for around 15% less than that. This would leave us over $100K to meet our "price point."

The problem is that the interior is hideous. The rooms are small. The kitchen is set off from the rest of the house. The walls are 1970's paneling. There is decorative brick on many surfaces. The color of this brick was selected apparently to induce nausea. The kitchen surfaces are low-quality and ugly as well. The appliances are antique and probably barely adequate.

I told her to overlook all of that. For $100K and three to four months, all of those problems go away, Without any reason, she still just says, "No."

I've told her to find a better bargain that meets our criteria. I've stopped looking. I'll just sock money away in mutual funds and hope the QE doesn't cause hyperinflation.

Like I said, "just complaining."
Post Wed Jan 08, 2014 2:53 pm
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littleroc02us
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Cash: $ 384.35

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First things first, how were the fireworks? Sounds like they were earth shattering.
As for your suburbia problem as I refer to it, a pool is a luxury and nothing more. It's understanable your looking at this property as both a resale and everyday use viewpoint. IMO, it looks as though your wife isn't looking for a project house, she wants move in ready. Do you think it would be possible to find a deal on another property that is move in ready and the seller is eager to sell. How about a shortsale or foreclosure where you can find a motivated seller and that way both of you end up with what you want and you still have the ability to get appreciation in the future on the property. Otherwise stash the money away in mutual funds as you said and good luck.

Risk comes from not knowing what you're doing. (Warren Buffet)
Post Wed Jan 08, 2014 3:08 pm
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Wino
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Cash: $ 113.80

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Joined: 03 Aug 2012
Location: Dubai
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quote:
Originally posted by littleroc02us
First things first, how were the fireworks? Sounds like they were earth shattering.
(snip)
...it looks as though your wife isn't looking for a project house, she wants move in ready.

The fireworks were great. I posted a video link in case you didn't see it. They went on for about 30 out of 35 minutes practically non-stop and not just one or two. It was like 30 minutes of "final salvo." I have video I took from my balcony, but the videos from the helicopters are much better.

The whole point is that we don't need to "move in" or move at all, until the upgrades are done. We can carry both mortgages and repairs without being forced to eat Ramen. When the house is finished, it's then "move in ready," and also MUCH better than anything else we have seen at that level of investment, dollar-wise. As a comparison, the "finished house" at that location would be worth at least $100K more than we would have invested. It would be worth it just to buy it, improve it, and flip it. DW won't do that, either. Plus, I'm not THERE, so that plan would only be workable if I were there to watch and supervise.
Post Wed Jan 08, 2014 3:46 pm
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coaster
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Re: Just complaining  Reply with quote  

quote:
Originally posted by Wino
Like I said, "just complaining."

Hey, that's what we're here for ... public venting is one major purpose of a forum. Cool

~Tim~
Post Thu Jan 09, 2014 5:28 am
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